Leading market position in oil refining and marketing (R&M) in Korea Integrated business Exposure to cyclical businesses and fluctuating oil prices and exchange rates Uncertainty about regulatory pressure in the domestic petroleum market Positive free operating cash flow over next 12-24 months, reflecting improved operating performance and responsive financial policy "Adequate" liquidity The stable outlook reflects our expectations that a good refining margin will enable Korea-based integrated oil and gas company SK Innovation Co. Ltd. to generate solid operating cash flow and that the company will not increase capital investment significantly over the next 12 months. Standard&Poor's may lower its rating on SK Innovation if adjusted total debt to EBITDA for the company exceeds 3x for a protracted
